Mistakes That Sellers Most Often Make

The quickest real estate rundown of the week:

Mistakes That Sellers Most Often Make

1.  Price their home too HIGH!

2.  Hiring a discount agency as to not pay a high commission (Redfin, Purple Bricks, etc.) You get what you pay for - these companies lack a personal touch; there is not a focus on their relationship with their clients.

3. Curb appeal: Your home ideally is able to draw in a diverse range of potential buyers who would be happy to call the property their own. Make sure your home looks inviting from the outside and is able to draw people in. Investing in fixes for the outside can go a long way, as many potential buyers are more willing to sacrifice interiors for exteriors that don’t require as much upfront work.

First-Time Homebuyers: The Complete Guide

Buying your first home is something so exciting, something to celebrate… don’t let it be something daunting! Here are my tips to keep you as prepared and knowledgable on the process as possible for a smooth transaction:

Before you do anything else, your first step is to speak to a lender.  Find out all the different options you may have in order to purchase a home.  

1. Figure out 3 different shopping prices. Being able to confidently know the range you can afford is key.

1st - to purchase a single family home (No HOA dues)

2nd - to purchase a condo/town home with HOA dues. This will bring your shopping prices down, as you will need to have enough extra money to pay for the monthly HOA dues

3rd - to purchase a duplex, triplex or 4-plex, as that will make your shopping price go up if you live in one unit and rent out the other units.  Renting the other unit(s) would bring income that would help pay for the mortgage.  

2. Then get the pre-approval letter from your lender.

3. Keep extra money for buyer closing closing costs. (When the buyer is making an offer, they will need to put a minimum of 3% down as a security deposit.)

4.

5. Call me to help you find your dream home and submit an offer for you.

3 Major Contingency Periods to Think About:

1.  Inspection Contingency (defaults to 17 days but could be shorter or longer depending on the circumstance) 

You have the option to waive this contingency.  This allows the buyer to do all their do diligence in making sure the home is what they think it is.  This also includes going to the city to check on possible permits if there were any additions done to the home.  A buyer can purchase a home that has had an addition to it without permits, but that is a risk the buyer is taking knowingly.  They buyer may also request a list of repairs or a monetary settlement from the seller based on their inspections.  The seller can also refuse or counter.

2.  Appraisal Contingency (defaults to 17 days but could be shorter or longer depending on the circumstance) 

You can always waive this contingency as well.  The bank calls out for an appraiser anytime someone is getting a loan.  If the appraisal comes in lower that what the buyer offered, there are several options, 1) the buyer asks the seller to drop the price (which you are not seeing in today's market), 2) the buyer has to come up with the difference in order to get the loan,  3) the buyer can back out and cancel the escrow (as long as it is within the contingency period)

3.  Loan Contingency (defaults to 21 days but could be shorter or longer depending on the circumstance) 

You have the option to waive this contingency as well. The buyer may cancel escrow and receive their full security deposit back as long as it is during the contingency periods.  Should there be another type of contingency period (waiting for the seller to get documents/permits, etc.) you can always request a contingency based on the circumstance.

Buyers Remorse

Sometimes buyers get caught up in the frenzy of multiple offers and comes in extremely high, just to get their offer accepted.  After then thinking about it and get cold feet, they back out.  It is a waste of everyone's time.  It is important to make sure you really wants the house and are happy with what you are offering and ultimately, paying for it. Take time to consider the decision from all sides before submitting your offer.

Chocolate-Raspberry Cake Recipe

This cake is such a simple, yet sensational classic that is sure to delight even your most discerning of guests. This is one of my favorite recipes from Martha Stewart…

Source: Martha Stewart Living, February 2016

Source: Martha Stewart Living, February 2016

“This beauty is baked with a splash of Chambord and layered with a sweet raspberry filling, both of which offer bright counterpoints to the thick layer of chocolate-cream cheese frosting and whole berries scattered on top. ”